(a) Prior to entering into a written contract with a consumer, a debt settlement provider shall prepare and provide to the consumer in writing and retain a copy of:
         (1) an individualized financial analysis, including
    
the individual‘s income, expenses, and debts; and
        (2) a statement containing a good faith estimate of
    
the length of time it will take to complete the debt settlement program, the total amount of debt owed to each creditor included in the debt settlement program, the total savings estimated to be necessary to complete the debt settlement program, and the monthly targeted savings amount estimated to be necessary to complete the debt settlement program.
    (b) A debt settlement provider shall not enter into a written contract with a consumer unless it makes written determinations, supported by the financial analysis, that:

Terms Used In Illinois Compiled Statutes 225 ILCS 429/110

  • Contract: A legal written agreement that becomes binding when signed.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

         (1) the consumer can reasonably meet the requirements
    
of the proposed debt settlement program, including the fees and the periodic savings amounts set forth in the savings goals; and
        (2) the debt settlement program is suitable for the
    
consumer at the time the contract is to be signed.
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